Needham maintains “Buy” on Apple

Needham & Co. has reiterated its “Buy” rating on Apple and maintained its US$30 per share price target, despite the company’s third-quarter earnings warning. The firm expects upgraded Power Macs next month at Macworld Expo will boost lagging sales to creative professionals, although “the [consumer] shortfall does raise the question of the durability of the new flat panel iMac, which we had hoped would drive revenues through the weak consumer market.” Apple opened trading today down $2.95 at $17.20, down nearly 15 percent from yesterday’s close.